University of Phoenix founder John Sperling sells $59 million in stock as shares soar

By eCampus News staff and wire reports

July 14th, 2011

In the six weeks since the Obama administration issued weaker-than-expected rules governing student debt at for-profit colleges, the University of Phoenix’s founder and executive board chairman has cashed out more than $59 million of the school’s parent company’s stock, according to filings with the Securities and Exchange Commission, reports the Huffington Post. The company’s share prices on Wall Street have climbed to the highest levels in more than six months…